Huize Holding Limited — Form 6-K Summary
Business context and reporting period
Huize Holding Limited filed this Form 6-K on April 19, 2023, for the month of April 2023. The filing is a supplemental submission under Item 16I(a) of Form 20-F concerning the Holding Foreign Companies Accountable Act (HFCAA), rather than an earnings or operating-results report.
HFCAA status and ownership
- The SEC conclusively identified Huize as a Commission-Identified Issuer in May 2022 because its 2021 Form 20-F included an audit report issued by PricewaterhouseCoopers Zhong Tian LLP, headquartered in mainland China.
- The PCAOB determined in December 2022 that it could inspect and investigate registered public accounting firms headquartered in mainland China, and vacated its prior determination of inability to conduct such inspections.
- Based on its review of shareholder records and public filings, the company believes it is not owned or controlled by a governmental entity in mainland China.
- Mr. Cunjun Ma controlled 76.8% of the company’s aggregate voting power as of February 28, 2023.
Key financial metrics and liquidity
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, operating metrics, or financial guidance. It is focused on HFCAA-related ownership and control disclosures.
Material changes, outlook, and risks
- The principal development is the PCAOB’s December 2022 reversal of its prior inability-to-inspect determination for mainland China-based accounting firms.
- The company states that it is not aware of any mainland Chinese governmental entity possessing, directly or indirectly, power to direct its management or policies through ownership, contract, or otherwise.
- HFCAA and audit-inspection compliance remain regulatory risks. The filing does not state whether the company’s Commission-Identified Issuer status has been removed or whether future SEC or PCAOB determinations will affect its securities.
- The filing does not provide management guidance, business outlook, contingencies, or unusual financial items.
Reported shareholder positions as of February 28, 2023
| Holder | Ownership or voting information |
|---|---|
| Huidz Holding Limited | 150,591,207 Class B shares; 14.7% of outstanding shares and 72.1% of aggregate voting power. |
| Crov Global Holding Limited | 155,928,400 Class A shares, based on a December 31, 2022 position; estimated at 15.2% of outstanding shares and 5.0% of voting power, assuming no change. |
| Wande Weirong Limited | 98,321,680 Class A shares, based on reported information; estimated at 9.6% of outstanding shares and 3.1% of voting power, assuming no change. |
| CDF Capital Insurtech Limited | 80,991,300 Class A shares, based on a December 31, 2022 position; estimated at 7.9% of outstanding shares and 2.6% of voting power, assuming no change. |
| Bodyguard Holding Limited | 55,110,084 Class A shares; 5.4% of outstanding shares and 1.8% of voting power. Sole voting power was delegated to Mr. Cunjun Ma. |
Important facts for investors to verify
- Whether Huize’s Commission-Identified Issuer status has been formally removed following the PCAOB’s December 2022 determination.
- Whether the shareholder positions stated or estimated in the filing have changed since February 28, 2023.
- The ownership, voting-control, and related-party details in the company’s 2022 Form 20-F filed April 19, 2023.
- Future PCAOB inspection determinations and their potential effect on the company’s U.S. listing or trading eligibility.